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A US debt default could spark mass unemployment, payment failures, and catastrophe that would raise interest rates 'into perpetuity,' Treasury Secretary Janet Yellen warns
Yahoo! Finance ^
| 04/26/2023
| Jennifer Sor
Posted on 04/26/2023 11:23:14 AM PDT by millenial4freedom
A government debt default would be catastrophic for the US economy, sparking mass unemployment, payment failures, and interest rates rising "into perpetuity," according to US Treasury Secretary Janet Yellen.
"Since 1789, the United States has paid all of our bills on time, and it should stay that way," Yellen said at a Washington conference on Tuesday, warning of an economic disaster if the US failed to meet its debt obligations. A debt default will likely result in the government failing to make key military and social security payments, she speculated, and would cause mass layoffs of government officials. Households would also likely fail to make payments on mortgages, cars, and credit cards, causing a collapse in US credit markets.
(Excerpt) Read more at finance.yahoo.com ...
TOPICS: Business/Economy; Front Page News; Government; Politics/Elections
KEYWORDS: biden; bidenomics; congress; economics; globalistpropaganda; inflation
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Wouldn't it be easier to just cut profligate government spending?
To: millenial4freedom
Let’s try it and see what happens.
2
posted on
04/26/2023 11:23:49 AM PDT
by
struggle
To: struggle
We are going to try it whether we want to or not.
3
posted on
04/26/2023 11:25:38 AM PDT
by
Jonty30
(Black widow spiders aren't the only species that eats their mate after finishing with them. )
To: millenial4freedom
The best solution is to switch from debt-based fiat to PM-backed real money.
4
posted on
04/26/2023 11:25:52 AM PDT
by
C210N
(Everything will be okay in the end. If it’s not okay, it’s not the end.)
To: millenial4freedom
They are playing a game of chicken to see if the Republicans will fold first.
5
posted on
04/26/2023 11:26:11 AM PDT
by
jimwatx
To: millenial4freedom
So the only solution is to keep printing?
6
posted on
04/26/2023 11:26:14 AM PDT
by
ComputerGuy
(Heavily-medicated for your protection)
To: Jonty30
This is the time that the tables are turned, and taking advantage of a crisis and not letting to go to waste, works in our favor.
7
posted on
04/26/2023 11:27:33 AM PDT
by
C210N
(Everything will be okay in the end. If it’s not okay, it’s not the end.)
To: millenial4freedom
Maybe the out-of-control federal government should have controlled itself sooner.
8
posted on
04/26/2023 11:28:02 AM PDT
by
ProtectOurFreedom
(I don’t like to think before I say something...I want to be just as surprised as everyone else…)
To: millenial4freedom
US has already defaulted. Twice.
In 1933 the US owed you an ounce of gold when you had $20. After the default, the US only paid you about 5/8 an ounce of gold for that $20.
In 1971 the US owed you an ounce of gold when you had $35. After the default, the US wouldn’t give you any gold for that $35.
9
posted on
04/26/2023 11:29:26 AM PDT
by
wny
To: millenial4freedom
"Wouldn't it be easier to just cut profligate government spending?"
10
posted on
04/26/2023 11:29:51 AM PDT
by
Diana in Wisconsin
(I don't have, 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set. )
To: millenial4freedom
11
posted on
04/26/2023 11:30:03 AM PDT
by
cld51860
(We’re doomed.)
To: millenial4freedom
These ignorant, perpetual, liars seem to think we’re stupid enough to respond to their false alarms and pay the ransom.
12
posted on
04/26/2023 11:30:27 AM PDT
by
G Larry
( DEI = Division + Erroneous Indoctrination)
To: ComputerGuy
13
posted on
04/26/2023 11:30:30 AM PDT
by
cld51860
(We’re doomed.)
To: struggle
Yup—as Nanzi said—We need to try it to see what is in it.
14
posted on
04/26/2023 11:31:05 AM PDT
by
cgbg
(Claiming that laws and regs that limit “hate speech” stop freedom of speech is “hate speech”.)
To: struggle
Yup. No good choices in our future. I am 100% in favor of default and re-building an economic system which actively discourages all debt.
15
posted on
04/26/2023 11:31:06 AM PDT
by
ClearCase_guy
(“You want it one way, but it's the other way”)
To: millenial4freedom
“she speculated, and would cause mass layoffs of government officials.”
She says this like its a bad thing.
16
posted on
04/26/2023 11:32:01 AM PDT
by
nhbob1
To: millenial4freedom
Hear! Hear!
Dump the un-Constitutional ‘departments’, too.
Pass amendment requiring Balanced Budget.
Dump the Income tax for the Fair Tax model.
17
posted on
04/26/2023 11:33:01 AM PDT
by
PubliusMM
(RKBA; a matter of fact, not opinion. The Dhimmicraps are ALL Traitors. All of them.)
To: millenial4freedom
On the other hand, spending money with wild abandon like a drunken sailor in a Pattaya whorehouse guarantees health wealth and prosperity for all until kingdom come - Yahoo!
18
posted on
04/26/2023 11:35:45 AM PDT
by
skeeter
To: millenial4freedom
"A government debt default would be catastrophic for the US economy"
Ya think????!!
Thanks for the insight, Old Yellen.
19
posted on
04/26/2023 11:39:02 AM PDT
by
ProudDeplorable
(Concentrated power has always been the enemy of liberty. ~ Ronald Reagan)
To: millenial4freedom
A US debt default could spark mass unemployment, payment failures, and catastrophe that would raise interest rates 'into perpetuity,' Treasury Secretary Janet Yellen warns promises.
20
posted on
04/26/2023 11:39:51 AM PDT
by
PIF
(They came for me and mine ... now its your turn)
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